Dark pool regulation: The U.S. perspective
Başlık çevirisi mevcut değil.
- Tez No: 796079
- Danışmanlar: Belirtilmemiş.
- Tez Türü: Yüksek Lisans
- Konular: Maliye, Finance
- Anahtar Kelimeler: Belirtilmemiş.
- Yıl: 2016
- Dil: İngilizce
- Üniversite: University of Sussex
- Enstitü: Yurtdışı Enstitü
- Ana Bilim Dalı: Belirtilmemiş.
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: 58
Özet
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Özet (Çeviri)
Stock trading conventionally occurs in exchanges where price information is public and order books are available. Dark Pools are an alternative to exchanges. On these platforms, quotes and prices are hidden, allowing investors to buy and sell stocks privately, in order to be protected from predatory competing traders. The trading volume in these platforms has increased dramatically in the past few years, and it is expected to continue growing. Dark Pools have become very popular among traders for two main reasons. First, investors wanting to trade a high number of shares can keep their actions hidden, because trading in dark pools is anonymous and orders are not displayed until the trades are completed. Second, they generally offer lower transaction fees than the traditional exchanges. Although trading in Dark Pools is not a new phenomenon, with the sharp increase in the volume of transactions in the recent years, it has become a heatedly debated topic, and 2 some concerns have emerged. On the positive side, Dark Pools are a financial innovation that help some investors to buy and sell without creating an impact on price. In other words, it lets them be price takers even when they have a large number of shares to buy or sell. On the negative side, Dark Pools place“barriers to entry”in the market, since they are private exchanges that are not open to all investors. Dark Pools also lack transparency and disable price discovery, since they do not provide order information publicly. In addition to these economic concerns, increased volumes of trades in Dark Pools in recent years have raised the expectations about regulations on Dark Pools, because these trades might be a source for systemic risk. Regulators strive to eliminate the potential source of systemic risk, maintain the transparency of the markets and protect all investors, at the same time. The main goal of financial regulations is to create a financial system that constantly supports the economy, increasing social welfare. This goal is achieved by setting rules (1) to establish efficient markets where all the information in the market is reflected in the price, (2) to remove barriers to entry for increasing the competition, and (3) to minimize the systemic risks. Dark Pools may affect efficient markets through each of these three channels. Therefore, regulators should focus on introducing rules for Dark Pools that aim to maintain a stable financial system, which encourage the benefits of Dark Pools while limiting their risks.
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